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MCX Gold Climbs as Traders Track Key Support Levels and Fresh Buying Emerges Ahead of Expected Fed Rate Cut
Gold price on the MCX moved higher on Friday as traders placed strong bets on a US Federal Reserve rate cut in December. The session began with steady buying. MCX December gold futures traded at Rs. 1,25,999 per 10 grams at 9:05 am with a gain of 0.39%. Silver December contracts also gained and stood at Rs. 1,63,849 per kg, up 0.85%.
The jump in gold price came from two main forces. Global markets looked at a higher chance of a Fed rate cut. Domestic markets saw strong buying during the wedding season. Both pushed the overall mood in favour of bullion. A weaker dollar also added support and made gold more attractive for traders.
Wedding Season Demand Boosts Bullion
The wedding season kept demand firm in spot markets. Jewellers reported strong buying. Traders tracked global cues closely. Any update from US economic data or geopolitical discussions created quick moves in prices. Still, the broader trend stayed positive due to strong expectations around Fed action.
Market experts shared simple trading levels for the day. Manoj Kumar Jain advised buying gold between Rs. 1,27,200 and Rs. 1,26,600. His stop loss stood below Rs. 1,26,000. He expected targets of Rs. 1,28,200 and Rs. 1,29,000. Silver trades carried similar guidance. He suggested buying between Rs. 1,65,500 and Rs. 1,64,000. The stop loss stood below Rs. 1,62,500. Targets were Rs. 1,67,700 and Rs. 1,70,000.
Key Support and Resistance Levels
Other analysts marked key levels for traders to watch. Many desks placed gold support near Rs. 1,25,050. Strong resistance appeared around Rs. 1,26,550 and Rs. 1,27,100. Silver support stood near Rs. 1,61,250 and resistance near Rs. 1,64,300. A break above these resistance zones often invites fresh buying.
The market also carried some risks. A delay in the US Fed rate cut could slow the rally. A stronger dollar could make gold less attractive. Stable global conditions could reduce safe-haven demand. On the positive side, weaker US data or a soft dollar could help the uptrend continue.
Industry leaders said wedding demand stayed healthy and supported the gold price. Traders also viewed gold as a reliable asset during uncertain times. Steady interest from long-term buyers and strong seasonal demand helped create a firm base for prices. Silver gained strength from its industrial demand and close link to gold.
The market moved in a clear direction through the session. Traders followed simple support and resistance levels and kept an eye on global signals. Strong Fed cut expectations, a softer dollar, and wedding season demand shaped the rise in gold price on the MCX today.